GER:CC - Glen Eagle Resources Provides Operational Update: Announces Pause on Honduras Operation
(TheNewswire)
Montreal, QC - TheNewswire - April 17, 2023 - Glen Eagle Resources Inc. (the “ Corporation ”) (TSXV:GER) announcesthat it has paused operations at the Cobra Oro gold processing plantin Honduras to review its plan and assess its options.
Management has concluded that improvements on gradequality were necessary to ensure profitable recoveries, and placed theplant on care and maintenance mode to focus on sourcing higher-gradematerial in sufficient volume. By doing so, the Corporation aims atreducing operating costs and increasing potential revenues. The pauseinvolved the retrenchment of a substantial portion of the plant staffand contractors.
Management will review every option to optimize return,including the divestment of its Honduras operations.
Jean Labrecque, President and CEO, commented: “Givenour current working capital situation, we felt that it was prudent anddesirable over the longer term to implement this decision untilsecuring proper ore grade in volume.”
ABOUT GLEN EAGLE RESOURCESINC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metalsin Canada and the Central America area.
For more information, pleasecontact:
Jean Labrecque
President
1-514-808-9807
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Forward Looking Statements - Certaininformation set forth in this news release may contain forward-lookingstatements that involve substantial known and unknown risks anduncertainties, including with respect to the receipt of final approvalof the Offering by the TSXV. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which arebeyond the control of the Corporation, including the timing and natureof all regulatory approvals. Readers are cautioned that theassumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements
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